RailTel shares in focus on receiving LoI for Rs 44 crore project
Shares of RailTel Corporation of India will be in the spotlight on Wednesday, June 18, after the company announced that it has secured a significant order worth Rs 43.99 crore under the Mizo Fibre Grid Network (MFGN) Project.
ADVERTISEMENT The company has received a Letter of Intent (LOI) from Zoram Electronics Development Corporation (Zenics) for the implementation of the project.
'Pursuant to Regulation 30 read with Part A (B) of Schedule III of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, this is to inform that RailTel Corporation of India Ltd. ('the Company') has received a Letter of Intent (LOI) from Zoram Electronics Development Corporation Ltd. (Zenics),' the company said in a regulatory filing.
According to the filing, the LOI pertains to a domestic order, with an execution timeline set until September 5, 2026. The estimated value of the project, based on the bid, stands at Rs 43.99 crore. The final value will be confirmed upon issuance of the formal purchase order.Over the past year, RailTel's stock has gained 1.44%. On a year-to-date (YTD) basis, it is up 5.32%. However, the stock has declined 2.23% in the past 6 months. In contrast, it has rallied 54.58% over the last 3 months and risen 11.29% in the past month.
ADVERTISEMENT Shares of RailTel closed 1.5% lower at Rs 426.50 on the BSE on Tuesday.Also read: Pick up defence stocks for long term; 2 shipping stocks to buy: Neeraj Dewan
ADVERTISEMENT On the charts, shares of RailTel are trading below their 10-day exponential moving average (DEMA), but remain above the 20, 50, 100, and 200 DEMA. The Relative Strength Index (RSI) is hovering near the 58 mark, indicating moderate momentum.
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